Underwater Mortgage - Need Advice - Page 5 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

DuffMan · 04-05-2012, 03:55 PM

Quote:

Originally Posted by fotze

Due to a greater love for my kids, I have more than that.

due to a greater love for my kids and wife, I have 64,000 in the kids RESP and she is only 4 months old, my house is worth 4.5 million, and my penis is 9".

Rathji · 04-05-2012, 03:57 PM

Quote:

Originally Posted by DuffMan

due to a greater love for my kids and wife, I have 64,000 in the kids RESP and she is only 4 months old, my house is worth 4.5 million, and my penis is 9".

I wonder how you small penile proportion people manage.

Table 5 · 04-05-2012, 04:01 PM

Quote:

Originally Posted by fotze

Due to a greater love for my kids, I have more than that.

But you haven't even disemboweled any pedophiles yet. You clearly hate your kids.

Doodlebug · 04-05-2012, 04:03 PM

Quote:

Originally Posted by kevman

I don't know if your numbers make sense. Where in the city are you? How are you sure your lot is worth $700k? Why would anyone spend $700k on a "used" home when they can buy the same lot for $200k and have a house built on it for an additional $270k ($215k house price plus inflation according to Canadian inflation index). That's $470k vs. $700k and you get a brand new home.

The fact is a house is worth no more than the materials and labour of which it was constructed with. This also depreciates over time as it deteriorates or it requires maintenance which is a further sunk capital cost and shows depreciation. We're not talking about fine art here. We're talking about cookie cutter homes built out of a renewable resource.

Land, particularly close to important centres, is what appreciates. People want to live in an area and as demand goes up so do the values of the land.

This is why a condo (ie, new structure with no more value than the materials it's constructed with) in High River (ie, worthless land - sorry) has taken such a hit during the same time that old homes (ie, already worthless structure) in the inner city (ie, valuable land) have continued to go up.

Or why a brand new (non luxury) infill from 2000 in Hillhurst is worth $700k when a 1980 infill is worth $650k and a 1912 infill is worth $640k. People aren't buying the shacks on the land - they're buying the land.

Im in Tuscany, when I built the builders cost of the house was approx $215k. Im guessing a new home build cost is substantially greater than that now. New similar homes in the area are priced at $800-900k....So I guess by your reasoning those lots are worth $500-600k. If you can find a builder who will build a 2400sq ft walkout house for $270k let me know.

albertGQ · 04-05-2012, 04:04 PM

Quote:

Originally Posted by DuffMan

due to a greater love for my kids and wife, I have 64,000 in the kids RESP and she is only 4 months old, my house is worth 4.5 million, and my penis is 9".

Yeah but is that soft or hard?

afc wimbledon · 04-05-2012, 04:05 PM

Quote:

Originally Posted by troutman

Grow Op.

that's crazy talk, everyone knows you put a meth lab in a condo.

undercoverbrother · 04-05-2012, 04:08 PM

Quote:

Originally Posted by afc wimbledon

that's crazy talk, everyone knows you put a meth lab in a condo.

you can make meth in 2 hours, using a 2 litre bottle................of so I am told

fredr123 · 04-05-2012, 04:11 PM

Quote:

Originally Posted by Lt.Spears

Is there any reason you cant stay there longer?

Are you being forced to leave?

Chances are your best financial move is to stay put and hope prices return to the levels they were when you bought, then sell then and move on. Might suck for 2-3 years but getting out of the mortgage/condo now would be very very very difficult.

I hate to make things sound even worse for the OP, but is there any guarantee you can even stay put? If you're that far offside your mortgage, what's to stop the lender from refusing to renew the loan?

You'd be stuck having to pay the outstanding balance and you probably wouldn't be able to get new financing for that amount since you've got zero equity in the place and it's value wouldn't justify such a large loan.

DuffMan · 04-05-2012, 04:13 PM

Quote:

Originally Posted by albertGQ

Yeah but is that soft or hard?

from the floor.

Kybosh · 04-05-2012, 04:28 PM

Quote:

Originally Posted by DuffMan

from the floor.

"My penis is so big that every erection causes me to pass out."

Table 5 · 04-05-2012, 04:42 PM

Well if you're thinking of getting a place there don't bother. There's really nothing available.

afc wimbledon · 04-05-2012, 04:42 PM

Quote:

Originally Posted by fredr123

I hate to make things sound even worse for the OP, but is there any guarantee you can even stay put? If you're that far offside your mortgage, what's to stop the lender from refusing to renew the loan?

You'd be stuck having to pay the outstanding balance and you probably wouldn't be able to get new financing for that amount since you've got zero equity in the place and it's value wouldn't justify such a large loan.

I think if the lender refuses to renew they lose the insurance on the mortgage, essentially they shoot themselves in the foot, they have a vested interest in keeping your arse in there paying interest for as long as possible.

DuffMan · 04-05-2012, 04:47 PM

Quote:

Originally Posted by Kybosh

"My penis is so big that every erection causes me to pass out."

Us midgets have it tough.

Cowboy89 · 04-05-2012, 05:39 PM

Quote:

Originally Posted by fredr123

I hate to make things sound even worse for the OP, but is there any guarantee you can even stay put? If you're that far offside your mortgage, what's to stop the lender from refusing to renew the loan?

You'd be stuck having to pay the outstanding balance and you probably wouldn't be able to get new financing for that amount since you've got zero equity in the place and it's value wouldn't justify such a large loan.

There's been talk of OSFI changing the rules regarding mortgage renewals that won't allow a bank to roll people forward if the Loan Value is above the market value.

http://www.osfi-bsif.gc.ca/app/DocRe.../b20_dft_e.pdf

Frequitude · 04-05-2012, 05:43 PM

Can you refinance into a longer mortgage to bring your payments down?

Doesnt help you from an asset & liability standpoint, but you'd get closer to breakeven on a cash flow basis from rent.

Cecil Terwilliger · 04-05-2012, 08:01 PM

Quote:

Originally Posted by DuffMan

due to a greater love for my kids and wife, I have 64,000 in the kids RESP and she is only 4 months old, my house is worth 4.5 million, and my penis is 9".

The limit is $50k.

albertGQ · 04-05-2012, 08:44 PM

Quote:

Originally Posted by Cecil Terwilliger

The limit is $50k.

$50k/child and he said kids so he could be telling the truth.

Sr. Mints · 04-05-2012, 08:50 PM

Yikes. I am in a similar situation, only it's not that bad. I'm just going to live here until the value rises.

It's a funny situation, because my fiancee is also in this boat.

We're thinking of renting one of our places out down the road, but honestly, the landlord business is one I have zero interest in entering at the moment.

Travis Munroe · 04-05-2012, 08:55 PM

Quote:

Originally Posted by Hack&Lube

I may be a first time home owner soon, and I'd like to avoid something like this happening. Is this a good or bad time to invest in a downtown Calgary condo? (East Village development).

With East Village, it is a longer investment than other high rises as it will be over 5 years before the entire project is done. Once it is complete and sold out you would be in a good position.

freedogger · 04-05-2012, 09:34 PM

Quote:

Originally Posted by Sr. Mints

Yikes. I am in a similar situation, only it's not that bad. I'm just going to live here until the value rises.

It's a funny situation, because my fiancee is also in this boat.

We're thinking of renting one of our places out down the road, but honestly, the landlord business is one I have zero interest in entering at the moment.

Get a property management co. to do it all for you.